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EUR/USD, GBP/USD Uptrend Challenge Key 1.23 and 1.40 Round Levels

January 19, 2018 07:00

EUR/USD

4 hour

The EUR/USD is uptrend still remains intact due to the bullish bounce at support. The bullish breakout above the resistance trend line (dotted red) could indicate the uptrend continuation towards the Fibonacci targets of wave 5 (blue).

1 hour

The EUR/USD bounced at the support trend line (blue) and Fibonacci levels of wave 4 (green). Price is now breaking above the resistance trend line (dotted red), which could spark a larger uptrend continuation towards the Fibonacci targets of wave 5 (green).

GBP/USD

4 hour

The GBP/USD bounced at the 23.6% Fibonacci level of wave 4 (green) and price is building a bullish channel. A break below the channel could see price test the 38.2-50% Fibonacci support levels.

1 hour

The GBP/USD is building a potential wave B (blue) correction within a larger ABC. A bullish break above the round level of 1.40 invalidates the ABC correction and indicates an immediate uptrend continuation.

USD/JPY

4 hour

The USD/JPY bullish breakout is not seeing any follow through and is now retesting the support levels (blue).

1 hour

The USD/JPY is probably in a wave 1 (purple) but price is also building a triangle pattern (red/blue) and the trend direction will depend whether price is able to break above resistance (red) or below support (blue).

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